Simple is changing banks and now has to close some customer accounts

Simple is changing banks and now has to close some customer accounts

Remember when Simple launched in 2011 and wanted to reinvent banking? They were originally BankSimple, and when they announced that they were becoming simple they posted this blog article,  setting the change as being something that  “releases us from the constraints of an industry in desperate need of innovation.”.

Well now 6 years have passed, users were disappointed when their ‘new bank’ wasn’t so new and just a storefront for other banks.  Similar to how MVMOs backbone on other major networks, well now the time has come for Simple to ‘evolve’ again and is changing backend banks.

Simple was acquired by BBVA and in April began wrapping up their migration to the Spanish banking group’s infrastructure, but with the migration comes account audits, the company sorted customers by account activity and complexity to ensure the migration flow worked through a wide range of scenarios. Simple also says it invited customers with the most complex accounts to move earlier so that it could work through any issues that surfaced.

Unfortunately the company wasn’t able to get to everyone before its deal with The Bancorp ended and it would be forced to close the remaining accounts.

[Source: TechCrunch]



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Walter Marrero 228 posts

An executive analyst at an elite technology & business focused publication.

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